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On Monday, Majority Leader Mitch McConnell and the rest of the Senate will vote on a $500 billion stand-alone stimulus bill.
This bill is designed to extend the Paycheck Protection Program and although there was talk about it including stimulus checks, it’s not clear to me that it will.
“That’s where the administration is willing to go,” McConnell said.
“My members think half a trillion dollars, highly targeted, is the best way to go.”
The problem is that there is basically no chance that this bill is going to pass the House of Representatives, assuming that it can even get out of the Senate which proved to be problematic last time.
Mitch McConnell has not been to the White House in two months ostensibly because of his fear of the coronavirus protocols.
Regardless of his motives for not being in the White House, his proposal is completely off base from where the negotiations currently stand between Nancy Pelosi and Steve Mnuchin.
According to Pelosi, some progress is being made between the two.
“We’re making progress. We have to have clarification in language because we have some big differences,” Pelosi said Friday on MSNBC.
“As you know, the devil and the angels are in the details.”
Recent reports suggest that concessions have been made to some of Pelosi’s demands involving coronavirus testing and tracing which would suggest progress is indeed happening — just at a snail’s pace.
According to others such as Larry Kudlow, the White House chief economic adviser, there are some who believe a deal can be made.
“Secretary Mnuchin is negotiating a deal,” Larry Kudlow said on Fox Business on Friday.
“If Speaker Pelosi wanted a deal, I think we could round up enough Senate Republicans to get a deal. But less than three weeks to go — I don’t know.”
At this point, there is virtually no possible way that stimulus checks would arrive to voters before the election so hopefully the removal of that possibility will incentivize some lawmakers to get moving.
There is the remote possibility that the skinny proposal getting introduced next week will pass but I certainly would not count on it.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.